ExxonMobil, Petrobras and TechnipFMC have raised objections to the planned merger between Italy’s Saipem and Norway’s Subsea 7, urging Brazil’s antitrust regulator to block the transaction, reported Bloomberg.
The companies have formally requested participation in the watchdog’s review, warning that the deal would substantially affect competition in the oilfield services sector and drive prices higher.
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The concerns highlighted the markets for subsea umbilical, risers and flowlines, as well as the supply of pipe-laying vessels.
ExxonMobil said the merger would reduce options for customers, leaving a single relevant supplier in the deep-water pipeline installation market.
TechnipFMC, an oil services provider, echoed this point, stating the deal would leave competitors with little to no access to Brazilian public tenders.
Petrobras, formally known as Petroleo Brasileiro, noted that Saipem and Subsea 7 already control 47% of the vessels servicing its subsea engineering, procurement, construction and installation (EPCI) contracts.
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By GlobalDataSaipem and Subsea 7 are yet to comment on this matter, said Bloomberg.
In July, Saipem and Subsea7 signed a binding merger agreement to establish an entity in the energy services sector known as Saipem7.
The new company would have revenues of approximately €21bn ($22.6bn) with a combined backlog of €43bn.
A shareholders’ agreement was signed by Eni, CDP Equity and Siem Industries, ensuring support for the merger.
The CEO of Saipem7 will be Alessandro Puliti, designated by Eni and CDP Equity, while Kristian Siem of Siem Industries will serve as the chairman of the board.
The transaction is due to be finalised in the latter half of 2026.
